Buffett Makes Substantial Investment in Kinder Morgan

Warren Buffett’s Berkshire Hathaway disclosed a new investment in pipeline operator Kinder Morgan, boosting its bet on the oil industry as crude prices have hovered near 12-year lows. Berkshire owned about 26.53 million Kinder Morgan shares worth $395.9 million at year end, according to the Securities and Exchange Commission filing. Berkshire has also been boosting its stake in oil refiner Phillips 66, having spent $1.08 billion this year, giving it a 14.3% stake.